BioLife Solutions (NASDAQ:BLFS) Trading 15.7% Higher on Better-Than-Expected Earnings

BioLife Solutions, Inc. (NASDAQ:BLFS)’s stock price was up 15.7% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $20.88 and last traded at $20.83. Approximately 300,857 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 409,936 shares. The stock had previously closed at $18.01.

The medical equipment provider reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.06. The firm had revenue of $31.73 million during the quarter, compared to analyst estimates of $29.30 million. BioLife Solutions had a negative return on equity of 13.36% and a negative net margin of 46.37%. During the same period in the previous year, the company earned ($0.27) EPS.

Analyst Ratings Changes

Separately, Jefferies Financial Group assumed coverage on BioLife Solutions in a research note on Thursday, April 4th. They set a “buy” rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.40.

Insider Activity

In other news, insider Sarah Aebersold sold 4,000 shares of BioLife Solutions stock in a transaction on Monday, April 1st. The stock was sold at an average price of $17.65, for a total value of $70,600.00. Following the completion of the transaction, the insider now directly owns 65,843 shares in the company, valued at $1,162,128.95. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Sarah Aebersold sold 4,000 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $17.65, for a total transaction of $70,600.00. Following the transaction, the insider now owns 65,843 shares in the company, valued at approximately $1,162,128.95. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Amy Duross sold 6,135 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $16.86, for a total value of $103,436.10. Following the transaction, the director now owns 34,508 shares in the company, valued at approximately $581,804.88. The disclosure for this sale can be found here. Insiders sold a total of 33,996 shares of company stock valued at $562,145 over the last three months. Corporate insiders own 2.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in BioLife Solutions by 8.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,622 shares of the medical equipment provider’s stock worth $216,000 after purchasing an additional 1,164 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in BioLife Solutions by 88.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 11,346 shares of the medical equipment provider’s stock worth $157,000 after purchasing an additional 5,324 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its holdings in BioLife Solutions by 26.3% in the third quarter. Kornitzer Capital Management Inc. KS now owns 88,800 shares of the medical equipment provider’s stock worth $1,226,000 after purchasing an additional 18,500 shares during the last quarter. American Financial Group Inc. lifted its stake in shares of BioLife Solutions by 12.5% during the third quarter. American Financial Group Inc. now owns 29,602 shares of the medical equipment provider’s stock worth $409,000 after buying an additional 3,286 shares during the period. Finally, Mesirow Financial Investment Management Inc. lifted its stake in shares of BioLife Solutions by 57.6% during the third quarter. Mesirow Financial Investment Management Inc. now owns 26,710 shares of the medical equipment provider’s stock worth $369,000 after buying an additional 9,763 shares during the period. Institutional investors own 93.24% of the company’s stock.

BioLife Solutions Stock Up 11.0 %

The company has a quick ratio of 1.83, a current ratio of 2.86 and a debt-to-equity ratio of 0.06. The business’s 50-day moving average is $17.45 and its 200-day moving average is $15.83. The company has a market capitalization of $906 million, a price-to-earnings ratio of -13.17 and a beta of 1.69.

BioLife Solutions Company Profile

BioLife Solutions, Inc develops, manufactures, and markets bioproduction tools and services for the cell and gene therapy (CGT) industry in the United States, Europe, the Middle East, Africa, and internationally. The company's products are used in the basic and applied research, and commercial manufacturing of biologic-based therapies.